Business law quiz 2 contract notes

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Contract
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a legally enforceable agreement.
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Breach of contract
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failure to perform contractual obligations.
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void
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there is no legal effect i.e. the contract is no longer enforceable or binding.
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Unilateral contract
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or one-sided, contract, one party, known as the offeror, makes a promise in exchange for an act (or abstention from acting) by another party, known as the offeree. If the offeree acts on the offeror’s promise, the offeror is legally obligated to fulfill the contract, but an offeree cannot be forced to act (or not act), because no return promise has been made to the offeror. After an offeree has performed, only one enforceable promise exists, that of the offeror.
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contract not to compete
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common provision in a contract for sale of a business in which the seller agrees not to compete in the same business for a period of years or in the geographic area.
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contract to restrain trade
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unreasonable restraints of trade are illegal per se and interfere with free competition in business and commercial transactions. Such restraint tends to restrict production, affect prices, or otherwise control the market to the detriment of purchasers or consumers of goods and services.
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unfair competitive practices
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Unjust and often illegal attempt to gain unfair competitive advantage through false, fraudulent, or unethical commercial conduct. Examples include below-cost selling, counterfeiting or imitation, dumping, misleading advertising, rumor mongering, trademark or trade secret infringement.
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contract to fix retail price
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an agreement between participants on the same side in a … manufacturers and retailers may conspire to sell at a common “retail” price
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mal practice
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improper, illegal, or negligent professional activity or treatment, especially by a medical practitioner, lawyer, or public official.
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3rd party beneficairary
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person not party to contract but whom parities intended to benefit
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Delegation
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transfer of duties.
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Joint contract
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One in which the contractors are jointly bound to perform the promise or obligation therein contained, or entitled to receive the benefit of such promise or obligation.
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Several contract
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a contract that is actually composed of several separate contracts concluded between the same parties, so that failing (breaching) one part of such a ‘severable’ contract does not breach the whole contract. Therefore, the other party must still honor the other subparts and cannot cancel the whole agreement. A severable contract generally must contain a “severability clause” that allows certain clauses and aspects of the contract to be “severed” without affecting the validity of the rest of the contract.
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Join and several contract
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Two or more parties to a contract who promise to the same promisee that they will give the same performance are regarded as binding themselves jointly, severally, or jointly and severally. Promises impose joint and several liability when the promisors promise both as a unit and individually to pay or perform according to the terms of the contract.
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Usary
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Charging higher rate of interest than the law allows.
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Duress
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a wrongful act or threat by one party that compels another party to perform some act, such as the signing of a contract, which he or she would not have done voluntarily. As a result, there is no true meeting of minds of the parties and, therefore, there is no legally enforceable contract. Blackmail, threats of physical violence, or threats to institute legal proceedings in an abusive manner can be considered this
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Fraud
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Inducing another to contract as a result of an intenionaly or recklyssly false statement of a material fact.
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Offerer
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one that makes an offer or an offering
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Offeree
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one to whom an offer is made
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Excuted contract
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A completed contract
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Excrucatory contract
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A contract that has yet to be complted or is in the process to be completed
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unjust enrichment
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One party benefiting unfairly at another’s expense
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unenforceable contract
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Agreement that is not currently binding
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void contract
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A contract imposes no legal rights or obligations upon the parties and is not enforceable by a court. It is, in effect, no contract at all.
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voidable contract
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a legally enforceable agreement, but it may be treated as never having been binding on a party who was suffering from some legal disability or who was a victim of fraud at the time of its execution. The contract is not void unless or until the party chooses to treat it as such by opposing its enforcement. It may be ratified either expressly or impliedly by the party who has the right to avoid it
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Statute of limitations
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is a time limit in which a person has to file a claim
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undo influence
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Person in a special relationship causes another’s action contrary to free will.
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passive fraud
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Failure to disclose information there is a duty to do so, this is done intentionaly
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active fraud
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Party engages in action that causes the fraud
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unilateral mistake
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involves a promise that is made by only one party. The offeror (i.e., a person who makes a proposal) promises to do a certain thing if the offeree performs a requested act that he or she knows is the basis of a legally enforceable contract.
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mutual mistake
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mistake by both parties to a contract
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Voluntary subscription
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A subscription or duty that is done by choice
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Adequacy of consideration
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The price stipulation within a contract that establishes equivalence in the exchange of value in the form of money, goods or services. Any exchange of value that is deemed not to be equivalent could render the contract unenforceable.
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Can you disaffirm a contract
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Yes if they are a minor
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Are minors able to make a contract
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Yes
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It doesn’t
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Does inquiry alter or reject an offer
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What is the mailbox rule?
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which is the default rule under contract law for determining the time at which an offer is accepted, states that an offer is considered accepted at the time that the acceptance is mailed.
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Implied contract
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imposition of rights and obligations by law without a contract
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expressed contract
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the parties state the terms, either orally or in writing, at the time of its formation. There is a definite written or oral offer that is accepted by the offeree (i.e., the person to whom the offer is made) in a manner that explicitly demonstrates consent to its terms.
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simple contract
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a contract made orally or in writing, rather than a contract made under seal. Theses contracts require consideration to be valid, but these contracts may be implied from the conduct of parties bound by the contract.
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Yes
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oral contract is it enforceable?
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negotiable instrument
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A document of payment such as check or bank notes
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Agreement
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any understanding or arrangement reached between two or more parties
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Yes
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Is a contract legally enforceable
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Acceptance
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Assent to an offer resulting a contract. This must be communicated to the offeror , but no particular procedure is required or necessary.
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Statute of Frauds
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enacted by the English Parliament in 1677 and has since been the law in both England and in the United States in varying forms. It requires that certain types of contracts be in writing.
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Assignment
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The conveyance of rights in a contract to a person but not a party.
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Consideration
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What promisor requires as the price for a promise.

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